The importance of the $550 resistance was recently discussed, and just days after, the steady bullish went past the resistance levels of $540 and $550.
Major Signals
- There is currently a fresh increase in the price of ETH as it surpasses the $530 resistance level
- The trade of ETH looks positive, and there are chances it will go upward
- The trade went beyond the Bearish trend line on the hourly chart
The $550 that looks like a tough resistance was surpassed by the 100 hourly moving average. The bullish momentum was also similar in Bitcoin and other altcoins. If ETH could break the $580, more gains look imminent.
If ETH fails to overcome the $590 resistance, it could witness a downward correction.
Are you bullish or bearish about ETH? Drop your suggestions in the comment section.
